Likening it to a case study of today's market, Calkain Cos EVP David Sobelman tells us he repped the seller of a build-to-suit asset in Broward County for $4.8M ($928/SF). The 5,000 SF investment property sale exemplifies the strong desire for triple net leased assets, he says. The site is leased to Blue Cross/Blue Shield of Florida on a long-term basis. The purchaser is a private investor from New York seeking a passive, incoming-producing asset leased to a credit tenant.
The property is an outparcel to the Sawgrass Mills Mall in Sunrise. This site generated a lot of offers, including three from international firms. David says it sold for 99.4% of its asking price. With the cap rates for these types of properties going down tremendously in past 12 months&emdash;because of the lack of Class-A real estate supply&emdash; people are willing to pay higher prices and get lower returns, he tells us. The developer also built and sold another site in Miami to BCBS for more than $1,100/SF. “These assets are very popular because it’s hard to find quality high-end real estate in today’s market. People are willing to pay for it,” he says. Calkain is marketing $300M worth of assets with similar parameters. David says the firm opened its Tampa location because Florida is a dynamic market with lots of activity.
Source: Real Estate Bisnow | South Flordia
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